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Bitcoin’s Value Falls 9%, Over $1 Billion Lost in Cryptocurrencies. SpaceX Not to Blame, Other Reasons Likely.

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Reetika, a crypto fan from Dubai, had the same thought as lots of others when she looked at her digital money after waking up: “Who sold?” The cryptocurrency world had been quiet for a few weeks, but that changed when the value of Bitcoin dropped from $28,500 to $25,000 in just one day on a platform called Binance.

This big fall affected a lot of things – Litecoin (LTC) went down by 14%, and people lost around $1 billion because of the drop in the future value of cryptocurrencies.

SpaceX Rumors Not to Blame for Bitcoin Drop; Market Dynamics at Play:

There were rumors that the big change in the cryptocurrency market happened because SpaceX sold some of its Bitcoin. But there’s no strong proof for this. A report from the Wall Street Journal says that SpaceX actually just changed the value of its Bitcoin to lower its taxes. This happens when the value of something goes down, so companies can pay less tax. But we don’t know exactly how much Bitcoin SpaceX has, and there’s no proof that they sold a lot.

Traders who know a lot about this say that the drop in the price of Bitcoin happened because of how the market works and because of sudden selling. The market was a bit slow, and there wasn’t a lot of trading happening. This made it easier for the price to change suddenly.

Trader’s Insights and Factors Affecting Recent Crypto Market Drop:

Lewis Harland, who works at Decentral Park Capital, explained how the cryptocurrency market works to CoinDesk. He talked about something called “open interest,” which is about contracts that haven’t been settled yet. When a lot of these contracts are there in a quiet market, if a big group sells a lot, the prices can quickly go down. Then other people also start selling to avoid losing money, making the prices go even lower.

Most of the selling happened on a crypto exchange called OKX, which is about 40% of the market.

Also, some people say that things happening in the bigger financial world, like the U.S. interest rates going up a lot, might be making it harder for cryptocurrencies

Lastly, everyone’s looking forward to a court decision about a special kind of investment for Bitcoin, called an exchange-traded fund (ETF). This decision will come soon, and it could either help the market or make it worse. People are waiting and watching carefully to see what will happen next in the ever-changing world of cryptocurrencies.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #SpaceX

#ElonMusk , the renowned CEO of #SpaceX and Tesla, has been an influential figure in the world of cryptocurrencies, particularly when it comes to dogecoin$DOGE . Recently, Musk has added an unconventional twist by involving #Dogecoin in SpaceX's lunar aspirations.

SpaceX, Musk's aerospace company, has made headlines for its ambitious plans to send humans and payloads to the Moon and beyond. As part of these endeavors, Musk announced that SpaceX would launch a satellite mission called "DOGE-1" to the Moon entirely funded with Dogecoin. This unexpected utilization of Dogecoin highlights the playful and innovative spirit often associated with both Musk and the cryptocurrency itself.

DOGE-1 represents a significant milestone in the integration of cryptocurrencies into real-world applications. By accepting Dogecoin as payment for a lunar mission, SpaceX is showcasing the potential for digital currencies to facilitate transactions and fund groundbreaking projects beyond traditional financial systems.

The decision to use Dogecoin for this venture is not without controversy. Dogecoin, initially created as a meme-based cryptocurrency, has often been viewed as a lighthearted and speculative investment. However, Musk's endorsement and subsequent involvement in promoting Dogecoin have propelled its popularity and brought it into the mainstream.

Despite its origins and initial skepticism from some quarters, Dogecoin's use in funding SpaceX's Moon mission reflects the broader trend of increased acceptance and adoption of cryptocurrencies in various industries. The move highlights the flexibility and utility of digital currencies beyond traditional financial transactions.

Musk's affinity for Dogecoin and his active engagement on social media have helped fuel the fervor surrounding the cryptocurrency. However, it is important to note that the cryptocurrency market remains highly volatile and unpredictable. Investors and enthusiasts should exercise caution and conduct thorough research before engaging in any cryptocurrency-related activities.

The SpaceX-Dogecoin collaboration serves as a reminder of the ever-evolving landscape of cryptocurrencies and their potential impact on various sectors. It demonstrates that innovative ideas and unconventional approaches can drive the integration of digital currencies into real-world applications, ultimately pushing the boundaries of technological advancement.

As SpaceX continues its ambitious mission to explore space, Musk's association with Dogecoin adds an element of excitement and intrigue to both the #crypto community and space enthusiasts alike. The future of cryptocurrencies and their role in shaping the world of finance and beyond is still unfolding, and Elon Musk, with his visionary mindset, remains at the forefront of this transformative journey. #crypto2023

This time, #ElonMusk , the CEO of #SpaceX and Tesla, the world's biggest maker of electric cars, is stoking interest in cryptocurrencies, perhaps with a specific emphasis on Dogecoin, the well-known parody cryptocurrency.

Musk's latest actions have been noted by the crypto community because they continue to illustrate his power in changing the market dynamics of digital currency.

Musk, the billionaire who also owns the X app (previously known as Twitter), said on Sunday that "something great is coming shortly."

The cryptocurrency community reacted positively to this tweet, particularly accounts with a Dogecoin theme.

Something great is on the way.

July 29, 2023 — Elon Musk (@elonmusk)

Based on Musk's previous mentions of this development, many individuals, including influencer David Gokhstein, believe that X will include DOGE - the biggest meme currency - as a payment option.

This expectation stems from Elon Musk's earlier extremely discreet hints that a similar move may be coming.

#DogeCoin (DOGE) had a spectacular price spike on Friday, capturing the attention of the cryptocurrency world. DOGE's price climbed by more than 10% on that day, breaking beyond the $0.07 barrier.

DOGE was trading at $0.08 at the time of writing, up 2.7% from the previous day. Nonetheless, the meme currency demonstrated its usefulness on a weekly basis, increasing in value by around 13% in reaction to Musk's article.

This positive momentum-driven growth in value resulted in a significant increase in the asset's market capitalization. As a consequence, the cryptocurrency's market cap surged by an estimated $1 billion, reaching a new high of $10.66 billion from its previous value of $9.67 billion.

The causes for this astonishing surge have sparked passionate debate among many members of the crypto community.

One of the most fascinating current speculations is that DOGE, the disputed cryptocurrency, might be included into the source code of Tesla's website's payment page.

This thought has grown as fans and investors alike anticipate the possible consequences of such a development. The mere idea of #DOGE being a payment option for Tesla has aroused interest and led to optimistic forecasts for the cryptocurrency's future.

If Elon Musk genuinely incorporates $DOGE payments into his X program, Dogecoin will see a major gain in usefulness and acceptability, as well as a substantial price increase.